Deal of the Year: BP

Quick BP options deal salvages North Sea oil producer’s acquisition

Energy Risk Awards 2014

In early February 2013, Iona Energy found itself in trouble. The Scotland-based, Canada-listed oil and gas producer was less than three weeks away from finalising a major deal: the acquisition of a 15% working interest in the Huntington oil field in the North Sea from Houston-based Carrizo Oil & Gas. To complete the deal, Iona needed to raise between $200 million and $250 million, and it had been working with its banks to put together a reserve-based loan (RBL) for the necessary funds.

Then, une